Biochar has great potential as a soil conditioner and as a carrier of beneficial microorganisms that support the removal of pollutants, influence the circulation of nutrients, and support plant growth. This review summarizes and discusses factors shaping the physicochemical properties of biochar, including feedstock, pyrolysis conditions, and accompanying processes used as post-pyrolysis modification to improve the functionality of biochar. Key physical and chemical properties such as high porosity and specific surface area, nutrient content, pH, and biochar functional groups are discussed in detail to show biochar’s potential as a carrier for microorganisms. This review also discusses and summarizes biological indicators that allow for assessing the quality and efficiency of the microbiological modifiers. Finally, this paper presents the benefits and limitations of biochar application to agriculture and provides recommendations for future research to improve the quality and expand the applicability of biochar-based inoculants.